Business Succession Planning
There comes a time in any business owner’s life when it is time to hand over the reins. Perhaps retirement is on the horizon. Or maybe your business has reached a point where day-to-day operations are no longer entirely dependent upon your direct involvement. No matter the reason, a properly formed, well thought out and structured business succession plan will ensure the smooth transfer of ownership to the heirs and successors of your enterprise.
Business succession planning can be a complex task. At MendenFreiman, our business attorneys have many years of experience crafting strategies for business-ownership transitions. Proper succession planning can minimize tax liabilities, provide protection and security for heirs and successors, maintain the core competency of the company and promote a lasting legacy for exiting founders. We will guide you and help you position your business for success after you have moved on.
Family-Owned and Closely Held Businesses
Business succession planning is particularly crucial for family-owned and closely held businesses. We know that your business is one of your most important assets and investments, and the key to your family’s economic security. As such, MendenFreiman emphasizes the importance of succession planning that addresses the specifics of both your business and family circumstances.
As a part the planning process, we will ensure that your estate plan deals appropriately with your business interests through provisions for beneficiaries, appropriate ownership/titling of your ownership shares and estate liquidity for taxes and other expenses attributable to the business upon your death.
MendenFreiman’s business lawyers are highly skilled in the transfer of control from one generation to the next and routinely assist clients with:
- Transfer of Ownership
- Multi-Generation and Multifamily Transfers
- Exit Strategies
- Non-Qualified Benefit Plans
- Capital Restructuring
- Asset Protection
- Shareholder Agreement Issues and Covenants
- Buy / Sell Agreements
- Creation of Family Limited Partnerships (FLPs)
Getting your business ready to pass on, and getting your successors ready to receive it, requires careful planning to ensure success. No matter what your goals are for the transition of your business, you can rely on MendenFreiman to guide you.